Economists at Société Générale see the S&P 500 Index Index trading between 3,500 and 4,200.

Marginally down to 3,800 by the end of the year

“1Q23: 4,200 in the first quarter has seen the peak for this year (early China-boom than expected but not a straight-line growth).” 

“2Q23: 3,500 on increased Fed expectations, inflation uncertainty from June onwards and EPS downturn.”

“3Q23 and 4Q23: should see 3,800 as Fed peaks, US 10y yield visibly down, timing rate-cuts talks pick-up again, jobless claims should rise.”